Aerial view of yachts moored at Port Vell Marina in Barcelona, Spain
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A version of this article first appeared in CNBC’s Inside Wealth newsletter by Robert Frank, a weekly guide for high-net-worth investors and consumers. Sign up to receive future editions directly to your inbox.
Rising stock markets created nearly 2 million new millionaires around the world last year, with the ultra-rich experiencing the biggest growth, according to a new study.
According to Capgemini World Wealth Report, the global billionaire population will increase by 7.9% to 25.3 million in 2025. Their total assets rose 8.7% to $98.3 trillion, the fastest growth in five years.
At the same time, the wealth gap between billionaires and the ultra-rich continues to widen. The increase in the wealth of billionaires, defined by Capgemini as those with more than $1 million in investable assets, excluding major homes, collectibles and consumer goods, was outpaced by the rise in so-called “ultra high net worth individuals” (UHNWIs), or people with more than $30 million. According to the report, the population of ultra-high-net-worth individuals will increase by 9.4% to 250,000 people in 2025, and their wealth will increase by 9.7%.
According to the study, the ultra-high net worth currently makes up 1% of the total billionaire population, but owns 35% of all billionaires’ assets. Gareth Wilson, global banking industry leader at Capgemini, said one of the reasons the ultra-high net worth outnumbers billionaires is their access to high-return private investments.
“They have access to investments and opportunities that even the billionaire next door doesn’t have, whether it’s pre-IPO investing or the private markets,” Wilson said. “When you look at individuals who have investable assets of this size, they probably have more influence in terms of access to some of the hedge funds and private markets. And they’re probably given access to other kinds of pre-IPO investments that we mere mortals probably don’t know about.”
Geographically, the United States continues to support much of the world’s billionaire growth. According to the report, 730,000 new Americans will become billionaires in 2025, bringing the total number of billionaires in the United States to 8.73 million. Their wealth increased by nearly $3 trillion to $31.3 trillion.
Asia also recorded strong growth, with billionaire wealth increasing by 10.5% and the billionaire population increasing by 9.4%.
China has long been the main growth engine for wealth in Asia, but South Korea and Taiwan are now leading the region’s wealth creation, as the South Korean stock market soared 76% last year and semiconductor stocks helped lift the Taiwanese market. According to the report, the total millionaire population in Asia will reach 8.3 million in 2025.
The billionaire population in Europe increased by 6.5%, while in Latin America it increased by 0.3% and in the Middle East it decreased by 1.4%.
When it comes to investing, the world’s richest people are increasing their stock holdings. They held an average of 25% of their portfolio in stocks in 2025, up from 22% in 2024. This is likely due to the rise in stock prices. The share of alternatives fell from 15% to 12%, and cash holdings also fell from 26% to 24%. Their bond holdings increased from 18% to 20%, while real estate investments remained flat at 19%.
The increase in stock holdings and cash withdrawals indicate a continued “risk-on” attitude among billionaire investors. The market has seen double-digit gains over the past three years, and investors fear missing out on the upside more than they fear losses.
“Equity performance is driving the movement from low-risk investments to high-risk investments,” Wilson said. “I think there’s probably an increased risk appetite. We’re also seeing high-net-worth individuals chasing their money in terms of equity performance.”
The surge in wealth has created more opportunities for asset managers, but it has also created new challenges. Today’s wealthy individuals are increasingly dividing their wealth among multiple advisors based on their area of expertise, rather than relying on one or two trusted firms. A quarter of all billionaires now use between four and six advisors, double the number in 2019, according to Capgemini. The number of millionaires who use only one advisor has more than halved to 19%.
At the same time, wealthy investors are seeking advice from non-traditional companies. Investors at the lower end of the wealth spectrum, between $1 million and $5 million in assets, are using more robo-advisors, or automated platforms. In the middle tier, between $5 million and $100 million, for example, more customers are turning to registered investment advisors rather than traditional carriers or banks. And at the top, many are setting up family offices.
Capgemini said that to better serve customers in the new competitive environment, companies need to understand the full range of their customers’ needs, rather than just focusing on investment guidelines. Companies that provide products and services that are customized to the lives and needs of their customers will gain more wealth.
Advisors also need to spend more time building trusting relationships with clients, Wilson said.
“We’ve seen situations where relationship managers can build trust, create very personalized connections, and tailor all products and services in a specific way for the client,” Wilson said. “Not only will they maintain that relationship, but their clients will also recommend them. You want high-net-worth individuals to recommend you to their friends at their country club, golf club, boat club.”
